EU Adopts Sanctions Against Russia But Delays On Ceasefire Outcome

The European Union formally adopted a package of new sanctions against Russia on Monday, but said their entry into force would be delayed to leave time to assess whether a cease-fire in Ukraine is holding.

“The entry into force [of the new sanctions] through the publication in the Official Journal will take place in the next few days. This will leave time for an assessment of the implementation of the cease-fire agreement and the peace plan,” EU Council President Herman Van Rompuy said in a statement.

“Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part,” he said.

Last Friday, Ukrainian President Petro Poroshenko announced that he had instituted a cease-fire following an agreement with pro-Russian separatists in the eastern part of the country.

Later that day, U.S. President Barack Obama said at a press conference that “we are hopeful, but based on past experience also skeptical” that the cease-fire agreement would hold. he also emphasized that the current cessation of hostilities is because of current Western sanctions on Russia, and the threat of more.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza